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Company registration number: |
07725726
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INDIGO HERBS LIMITED
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REPORT OF THE DIRECTORS' AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 October 2023 |
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INDIGO HERBS LIMITED |
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BALANCE SHEET |
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AS AT 31 October 2023
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2023 |
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2022 |
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Notes |
£ |
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£ |
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£ |
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£ |
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FIXED ASSETS | | | | | | | | | | | |
Intangible assets | | | 3 | | | 1,305 | | | | 2,915 | |
Tangible assets | | | 4 | | | 162,328 | | | | 181,283 | |
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| | | | | | | 163,633 | | | | 184,198 | |
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CURRENT ASSETS |
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Stocks | | | | 227,124 | | | | 175,021 | | | | |
Debtors | | | | 218,770 | | | | 152,640 | | | | |
Cash at bank and in hand | | | | 7,617 | | | | 120,578 | | | | |
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| | | | | 453,511 | | | | 448,239 | | | |
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CREDITORS |
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Amounts falling due within one year |
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(451,373) |
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(396,513) |
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NET CURRENT ASSETS |
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2,138 |
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51,726 |
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TOTAL ASSETS LESS |
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CURRENT LIABILITIES |
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165,771 |
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235,924 |
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Creditors falling due after one year | | | | | (119,902) | | | | (190,210) | |
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PROVISIONS FOR LIABILITIES | | | | | (34,161) | | | | (31,283) | |
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NET ASSETS |
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11,708 |
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14,431 |
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CAPITAL AND RESERVES |
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Called-up equity share capital |
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65 |
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65 |
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Other Reserves | | | | | | 35 | | | | 35 | |
Profit and loss account |
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11,608 |
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14,331 |
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SHAREHOLDERS FUNDS |
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11,708 |
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14,431 |
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For the year ending 31 October 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. | | | | | | | |
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The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. | | | | | | | |
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of the accounts. | | | | | | | |
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All the members have consented to the preparation of abridged financial statements for the year ended 31 October 2023 in accordance with Section 444(2A) of the Companies Act 2006. | | | | | | | |
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The profit and loss account has not been delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies' regime. | | | | | | | |
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These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. Approved by the board of directors on 20 March 2024 and signed on its behalf. | | | | | | | |
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.......................................................................... |
S McKewon - Director |
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20 March 2024
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The annexed notes form part of these financial statements. | | | | | | | |
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INDIGO HERBS LIMITED |
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NOTES TO THE FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 OCTOBER 2023 |
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1. |
Accounting policies |
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Basis of preparing the financial statements |
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The financial statements have been prepared under the historical cost convention in accordance with the accounting policies set out below. These financial statements have been prepared in accordance with FRS102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
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| Turnover | | | | | | | | | |
| Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts. | |
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| Intangible Assets |
| Intangible assets of trade marks and design are stated at cost less accumulated amortisation and any accumulated impairment losses. They are amortised over their estimated life of five years using the straight line method. If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new expectation. | |
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| Foreign Currency | | | | | | | | |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit. | |
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| Fixed Assets | | | | | | | | |
| Tangible fixed assets are stated at cost less depreciation. Depreciation i provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows: | |
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| Plant and machinery website - 5% straight line basis Plant and machinery stock control system - 5% straight line basis Plant and machinery other - 20% straight line basis | |
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| Land and buildings - 20% straight line basis | |
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| Stocks and Work In Progress | | | | | | | |
| Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. | |
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| Leasing | | | | | | | | | |
| Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred. | |
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| Deferred Taxation | | | | | | | | |
| Full provision is made for deferred tax assets and liabilities arising from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. | |
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| Pension Scheme | | | | | | | | |
| The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year. | |
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| Research and Development | | | | | | | |
| Research & Development expenditure is written off as incurred, except that development expenditure incurred on an individual project is carried forward when its future recoverability can reasonably be regarded as assured. Any expenditure carried forward is amortised in line with the expected future sales from the related project. |
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2. | Employees | | | |
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| The average number of persons employed by the company (including directors) during the year was 42. |
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3. | Intangible fixed assets | | | | | | | | | |
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| Cost | | | | | | | | | | |
| At start of period | | 37,791 |
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37,791 |
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| Amortisation | | | | | | | | | | |
| At start of period | | 34,876 |
| Provided during the period | | 1,610 |
| At end of period | | 36,486 |
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| Net Book Values | | | | | | | | | |
| At start of period | | 2,915 |
| At end of period | | 1,305 |
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4. | Tangible fixed assets | | | | | | | | | |
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Total |
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| Cost | | | | | | | | | | |
| At start of period | | 308,263 | |
| Additions | | | 3,166 | |
| At end of period | | 311,429 | |
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| Depreciation | | | | | | | | | | |
| At start of period | | 126,980 | |
| Provided during the period | | 22,121 | |
| At end of period | | 149,101 | |
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| Net Book Value | | | | | | | | | |
| At start of period | | 181,283 | |
| At end of period | | 162,328 | |
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5. | Off-balance sheet financing | | | | | | | |
| At 31 October 2023, the company had total commitments under non-cancellabl operating leases over the remaining life of those leases of £266,605 (2022 £306,737). | |
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6. | Directors' advances, credits and guarantees | | | | | | | | |
| During the year, Mr McKewon and Mr Hanby, directors of the company, received loans from the company. The total balance outstanding at the yearend was £124,017 (2022 - £72,237). The directors paid interest at the official rate of 2% on these loans to the company. | |
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7. | Pension costs | | | | | | | | |
| The company operates a defined contribution scheme for its employees. | |
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